Xponance Inc. Purchases Shares of 3,251 Reddit Inc. (NYSE:RDDT)

Xponance Inc. purchased a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,251 shares of the company's stock, valued at approximately $341,000.

Other large investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit in the 4th quarter worth approximately $28,000. Tucker Asset Management LLC purchased a new position in Reddit in the fourth quarter valued at approximately $39,000. Farther Finance Advisors LLC lifted its stake in Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after purchasing an additional 147 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new position in Reddit in the fourth quarter valued at approximately $49,000. Finally, Chelsea Counsel Co. purchased a new position in Reddit in the fourth quarter valued at approximately $49,000.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 124,409 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the transaction, the chief executive officer directly owned 546,133 shares of the company's stock, valued at approximately $67,966,251.85. This represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 26,000 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total value of $2,559,180.00. Following the sale, the chief technology officer directly owned 251,373 shares in the company, valued at $24,742,644.39. This represents a 9.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 492,877 shares of company stock valued at $59,177,442 in the last 90 days. 34.25% of the stock is owned by company insiders.

Reddit Trading Up 4.0%

RDDT stock traded up $5.77 during trading on Friday, reaching $148.29. 6,395,434 shares of the stock were exchanged, compared to its average volume of 6,755,728. The firm's 50 day moving average is $127.99 and its 200 day moving average is $139.66. The firm has a market cap of $27.36 billion, a P/E ratio of 251.34, a price-to-earnings-growth ratio of 3.81 and a beta of 2.33. Reddit Inc. has a twelve month low of $49.13 and a twelve month high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm's revenue was up 61.5% compared to the same quarter last year. During the same quarter last year, the business posted ($8.19) earnings per share. As a group, analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RDDT. Wells Fargo & Company increased their target price on shares of Reddit from $115.00 to $118.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Loop Capital lowered their price target on shares of Reddit from $210.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, June 12th. Truist Financial assumed coverage on shares of Reddit in a research note on Monday, April 7th. They set a "buy" rating and a $150.00 price target on the stock. Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 5th. Finally, Morgan Stanley decreased their price objective on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Reddit presently has a consensus rating of "Moderate Buy" and an average price target of $141.04.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.